Any Proprietor, partner, professional or director above 21 years of age but below 65 at the time of the loan's maturity can also take the loans. Private or Public Limited companies should be at least two years old. You will also require the continuity statement of your bank account as well. Other than this, you will also require an identity proof, income proof as well as the proof of your residence as well. You can provide the voter's identity card, ration card, passport, utility bills or anything else the bank asks for.
Income Criteria for auto loans in ICICI Banks: The Gross annual salary of the person should be above Rs 1 lakh per annum. This is in case of salaried individuals. The Gross annual income of the self employed people should be above Rs 60,000. In case of partnership Firms, the minimum PAT (profit after tax) income should be of Rs 60,000. And in case of Private or Public limited companies the Minimum PAT (profit after tax) should be of Rs 60,000.
There are two types of car loans provided by the ICICI banks. One of these is the New Car Loan by the ICICI banks. In this case the bank finances around 90% of the cost of the car after it comes out of the showroom. The loan amount will also depend upon the car model as well. The minimum loan amount for any new car loan in ICICI is around Rs.1 lakh. The ICICI bank also provides with the Used Car Loans as well. The banks offers finances up to a maximum of 85% of the valuation of the car for any used car. The minimum loan amount for a used car loan is about Rs. 75000. The tenure of the loan will ranges from one to seven years for new cars and from one to five years for used cars.
There are various types of documentations required for the auto loans in case by the ICICI banks. You have to first get an application form for application of the loan. You will also require a photograph as well. In case of partnership firms, you will require the signature of the partner on the photograph as well. In case of private and public limited companies, you will also require the photograph of the guaranteer as well.
Hope you get all the information about ICICI from this site. To know more about the banks offering auto loans, have a look at the pages of autoloansxl.com.
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